News

January 27, 2004

Norwest Mezzanine Partners Invests $10.75 Million in Spinrite, Inc.

Norwest Mezzanine Partners invested $10.0 million of senior subordinated debt and $750,000 of equity in Spinrite, Inc. (“Spinrite”), a Canadian-based leader in the manufacture and marketing of craft yarn products to the retail market of North America.  Established in 1952, Spinrite has grown significantly and currently commands a significant share of the Canadian retail craft yarn market.  Through careful expansion into the United States, Spinrite has established a leading niche position in the craft yarn cotton business and in the general craft yarn segment.

Sentinel Capital Partners served as the private equity sponsor on this transaction. Visit www.sentinelparters.com for more information.

NMP Contact: Carter Balfour, 612-215-1664, cbalfour@nmp.com

Norwest Equity Partners (NEP) is a leading middle market investment focused on partnering with business owners and building companies into industry leaders. With a reputation for quality investments and exceptional financial returns since 1961, NEP manages nearly $5 billion of capital through a series of equity and mezzanine funds. Offering creative and flexible transaction solutions through management buyouts, recapitalizations and growth financings, NEP seeks $30-$150 million equity investment opportunities for growing and profitable companies within the agriculture, applied technology, business services, consumer products and services, distribution, healthcare and industrial industry sectors. NEP is headquartered in Minneapolis, Minnesota; please visit nep.com for more information.